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Industry urges caution as Nationwide announces Virgin Money acquisition

Surprise acquisition in UK retail banking may signal more consolidation to come
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Industry urges caution as Nationwide announces Virgin Money acquisitionImage: Bloomberg

In the aftermath of the collapse of both Silicon Valley Bank and First Republic in the US last year, many in the industry predicted a wave of consolidation within mid-tier lenders. 

On the eve of the first anniversary of the run on SVB that led to its demise, that consolidation is coming to the UK.

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Liz Lumley is deputy editor at The Banker. She is a global specialist commentator on global financial technology or “fintech”. She has spent 30 years working in the financial technology space, most recently as director at VC Innovations and architect of the Fintech Talents Festival, managing director at Startupbootcamp FinTech London and an editor at financial services and technology newswire, Finextra. She was named Journalist of the Year for Technology and Digital Finance at State Street’s UK Press Awards for 2022.
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